Subscriptions in the Fidelis offering exceeded half a billion lei

Subscriptions in the Fidelis offering carried out during this period by the Ministry of Finance amounted to almost 590 million lei yesterday, at the middle of the stock exchange session, according to our aggregated data from the platform of a brokerage company.

The offering, which began at the end of last week and will end on July 11, is divided into eight tranches, four in lei and four in euros. The lei-denominated securities, with a maturity of two years and an interest rate of 7.25% per annum, had collected subscriptions of 169.2 million lei, while the tranche with a maturity of four years and an interest rate of 7.7% had subscriptions of 24.2 million lei. The tranche with a maturity of six years and an interest rate of 7.95% had accumulated subscriptions of 36.8 million lei, until yesterday, at the middle of the program in which investors could launch purchase orders.

In the case of the blood donor tranche, for which the maturity of the securities is two years and the interest rate is 8.25%, the value of the purchase orders amounted to almost 34 million lei. Within this tranche, persons who provide proof of donation starting with January 1, 2025 can subscribe, the maximum subscription being 100,000 lei.

The euro tranches have maturities of two, five and seven years, with annual interest rates of 3.4%, 5.5% and 6.3%, the subscriptions amounting to 23 million euros (116.6 million lei), 12.1 million euros (61.4 million lei) and 26.9 million euros (136.2 million lei). The blood donor bonds have a maturity of two years and an interest rate of 4.4%, with subscriptions totaling 1.8 million euros (9.3 million lei) by yesterday, mid-day of the stock exchange session.

Overall, the tranches in European currency accumulated subscriptions of 63.8 million euros, while the value of purchase orders launched by investors for the tranches in the national currency amounted to 264.2 million lei. The minimum subscription value is 1,000 euros for tranches in euros and 5,000 lei for those in lei, respectively 500 lei and 100 euros in the case of blood donors.

The offer is taking place at a time when a medium-term disinflation process is manifesting itself in our country, with the generalized increase in prices in May being 5.5%, above the April level of 4.9%. On the other hand, analysts estimate that the government's fiscal package to be implemented to correct the budget deficit will have an inflationary impact. At the European Union level, the European Central Bank estimates inflation of 2% this year, with a decrease to 1.6% in 2026, and then returning to 2% in 2027.

Through the latest Fidelis government bond offering held last month, the Ministry of Finance attracted 537 million lei and, respectively, almost 222 million euros, the equivalent of 1.6 billion lei and 330 million euros.

In the process of subscribing to Fidelis government bonds, intermediary banks do not charge commissions. Income obtained from both interest and capital gains is non-taxable. The securities will be listed on the Bucharest Stock Exchange, offering investors the opportunity to sell them before maturity and collect the interest related to the holding period.